The Association of Independently Owned Financial Professionals (AIOFP) is urging the next government to prioritise the mental health of advisers and financial health of consumers within the first 60 days in office.
And in an effort to safeguard the wellbeing of advisers, the AIOFP is seeking a number of certainties including a key change to the exam format to include questions specific to an adviser’s field of expertise. The body also wants to see the elimination of what it calls “the ambiguous ethical slant” of the exam content.
“The 60-day period is critical to the survival of thousands of risk advisers who are facing a ‘do-or-die’ battle with the last sitting of the FASEA exam,” said AIOFP executive director, Peter Johnston.
“This period is also critical to mitigate the current compliance regime that has driven up the cost of advice delivery to consumers,” he continued.
Mr Johnson also wants to see the industry wide mental health problem “professionally addressed”. To this end, he said, the AIOFP will be seeking “some government funding to assist this process where suicides, broken families and businesses are commonplace”.
The director also revealed that the AIOFP board is scheduled to sit down with Stephen Jones in June to discuss the industry’s immediate needs if he becomes minister.
Shadow minister Stephen Jones has been busy wooing advisers ahead of the federal election in May.
Speaking at a webinar hosted by the Financial Planning Association of Australia (FPA) on Monday, 2 May, Mr Jones said that the Labor believes “there is a need for us to put in place a transition arrangement”.
“So halt the large-scaled exit of advisers who are otherwise competent and have a capacity to perform a job that is needed to be done,” Mr Jones explained.
“I’m thinking largely of people who are in the latter years of the profession — they’ve had no problems, they’ve provided high level competence of advice, often thought of as mentors to others within the industry…”
Mr Jones added that said Labor will also look closely at recognition of prior learning, which has been a specific area of criticism towards FASEA.
The whole financial services system is broken, because it has attracted too many people who have few other concerns than getting rich themselves and too few who choose our industry because it could be a powerful tool for both social and economic change, and helping many others overcome the financial hurdles our over-regulated, fear-based financial system puts in their way. Any party that has sufficient foresight, competent leadership and a will to really make financial services a far more constructive and facilitative system for economic health at both a society and individual level, will get my vote. That of course means, in this coming election, there is no one like that for whom I can vote.
Well said Max.
The level of any acknowledgment whatsoever of this pandemic of mental health issues for advisers from the current Liberal Govt is absolutely nothing.
I cannot recall Jane Hume discussing or acknowledging this topic on one occasion at all.
If the type of mental health destruction, breakdown and total burnout of another industry or profession resulted in ten thousand people leaving in a very short period of time there would be acknowledgement, media coverage and discussion…..but not here.
The level of callousness and deafness from Hume, Frydenberg and Morrison is appalling.
Unfortunately we have no friends and yet our clients place so much trust and responsibility in our hands and the Govt is failing them and an entire essential service.
Nice idea – but no votes in this one.
Wait till Albo and the Union movement are in charge and you will see how much they “care” about Advisers.